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OFT pressurised over bank charges
A High Court judge tells the Office of Fair Trading to reveal when it will decide if bank charges are fair or not.
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Page last updated at 12:37 GMT, Thursday, 22 May 2008 13:37 UK
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OFT pressurised over bank charges
By Ian Pollock
Personal finance reporter, BBC News, High Court
The High Court has been the scene of the latest legal battle
A High Court judge has told the Office of Fair Trading to reveal when it will decide if bank charges are fair or not.
Mr Justice Andrew Smith made his comments as he granted eight banks leave to appeal against his earlier ruling on the issue.
Last month he decided that the OFT had the power under consumer contract regulations to rule if bank overdraft charges were unfair.
Thousands of bank customers will have to wait for their cases to be heard.
'On hold'
An agreement between the OFT and the banks to use the courts to resolve the legal issues at stake has seen all current and new claims put on hold.
It is thought that there could be tens of thousands of bank customers waiting to see if they can pursue their claims.
We are facing a lot of litigants who have not had their claims struck out and who should be in a position to pursue their claims 
Justice Andrew Smith
The appeal by the banks against the OFT's jurisdiction in this matter is likely to be held by the Court of Appeal this autumn.
The Judge said uncertainty about the length of the OFT's investigation risked being unfair to people whose refund claims are currently suspended in the courts.
"How long should we hold up the county court litigation?" he asked. "Are we talking months, years or weeks?"
"We are facing a lot of litigants who have not had their claims struck out and who should be in a position to pursue their claims."
When asked if the OFT would conclude its investigation this year, the regulator's barrister Richard Coleman said he did not know.
"The investigation is ongoing and substantial further work and consultation with the banks has still to be undertaken," he said.
He explained that recent changes to the terms and conditions of some banks' current accounts had extended the timescale for the OFT investigation.
The OFT has been investigating the fairness of bank charges for more than a year.
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Page last updated at 12:37 GMT, Thursday, 22 May 2008 13:37 UK E-mail this to a friend Printable version OFT pressurised over bank charges
By Ian Pollock
Personal finance reporter, BBC News, High Court
The High Court has been the scene of the latest legal battleA High Court judge has told the Office of Fair Trading to reveal when it will decide if bank charges are fair or not.
Mr Justice Andrew Smith made his comments as he granted eight banks leave to appeal against his earlier ruling on the issue.
Last month he decided that the OFT had the power under consumer contract regulations to rule if bank overdraft charges were unfair.
Thousands of bank customers will have to wait for their cases to be heard.
'On hold'
An agreement between the OFT and the banks to use the courts to resolve the legal issues at stake has seen all current and new claims put on hold.
It is thought that there could be tens of thousands of bank customers waiting to see if they can pursue their claims.
We are facing a lot of litigants who have not had their claims struck out and who should be in a position to pursue their claims Justice Andrew Smith
The appeal by the banks against the OFT's jurisdiction in this matter is likely to be held by the Court of Appeal this autumn.
The Judge said uncertainty about the length of the OFT's investigation risked being unfair to people whose refund claims are currently suspended in the courts.
"How long should we hold up the county court litigation?" he asked. "Are we talking months, years or weeks?"
"We are facing a lot of litigants who have not had their claims struck out and who should be in a position to pursue their claims."
When asked if the OFT would conclude its investigation this year, the regulator's barrister Richard Coleman said he did not know.
"The investigation is ongoing and substantial further work and consultation with the banks has still to be undertaken," he said.
He explained that recent changes to the terms and conditions of some banks' current accounts had extended the timescale for the OFT investigation.
The OFT has been investigating the fairness of bank charges for more than a year.
